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The market is reaching a critical juncture as we approach 10,000 on the Dow and the momentum appears to be waning.  A major seasonal trend appears to be taking hold of the housing market and few catalysts appear on the near-term horizon that could push the major averages substantially higher after the incredible rally we’ve seen.

The earnings calendar is very light this week, but the economic calendar is fairly heavy – particularly towards the end of the week.

Monday – no significant news.

Tuesday – No major market moving news other than the Case/Shiller housing data.  It will be interesting to see if this data confirms the recent weakness in housing.

ICSC-Goldman Store Sales  7:45 AM ET
Redbook  8:55 AM ET
S&P Case-Shiller HPI 9:00 AM ET

Consumer Confidence 10:00 AM ET

Wednesday – Another relatively slow news day. We get a GDP revision and the meaningless ADP report.

Consumer Confidence  10:00 AM ET
ADP Employment Report  8:15 AM ET
GDP  8:30 AM ET
Chicago PMI  9:45 AM ET

Thursday – The news gets heavy on Thursday.  Motor vehicles should see a continued bump from the cash for clunkers program, but already know the September sales are expected to be a disaster.  Claims will continue to be an important event.  The market will be looking for a reading of 537K.  ISM could see another robust reading of well over 50.  The market is expecting a very robust 53.5.  Pending home sales are likely to reflect to recent weakness we saw in new home sales.

Monster Employment Index
Motor Vehicle Sales
Personal Income and Outlays 8:30 AM ET
Jobless Claims 8:30 AM ET
ISM Mfg Index  10:00 AM ET
Construction Spending  10:00 AM ET
Pending Home Sales Index  10:00 AM ET
EIA Natural Gas Report  10:30 AM ET

Friday –The all important employment report comes out Friday.  This report should dictate much of the week’s action as trading vie for position heading into the event.  Analysts are currently looking for -170K and another jump in the unemployment rate to 9.8%.

Employment Situation  8:30 AM ET
Factory Orders  10:00 AM ET

EIA Petroleum Status Report 10:30 AM ET

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